Problem is, there are only so many deals on the market – and tens of thousands of indebted revelers will be thinking the same thing.

Monday, January 5 is predicted to be the busiest day of the year for balance transfer searches, according to price comparison website Compareandsave.com, which has creatively nicknamed it Balance Transfer Day 2009, based on figures over the past three years.

It predicts a shocking 6,257 balance transfer searches will be carried out online that day, compared to a usual daily average of 2,922.

However, the credit crunch has forced a number of providers to withdraw their balance transfer offerings – which tend to earn the company less money than standard purchase cards – meaning you may have to act fact to secure the best deals.

They are there for the taking if you know where to look, such as those in the range of Barclaycard, MBNA* and Virgin*.

But do not make the mistake of chasing after those deals offering the longest balance transfer period. It is commonplace for balance transfer cards to now carry a 1-3% balance transfer fee, which may negate the whole point of taking out such a card in the first place if you plan to repay large sums over a short space of time.

For example, imagine a borrower has £3,000 to transfer on to such a card with a transfer fee of 3%. This equates to a charge of £90, which is a great deal if you plan to repay the sum over one year as it effectively equates to 3% APR. However, repay the sum over three months and the charge now equates to an APR of 12%. Not so good.

It is also helpful to be aware of the penalties if a payment is missed or the balance has not been paid off during the 0% term and another balance transfer deal cannot be found. The card reverts to its standard purchase rate. If you are unsure about whether you will be able to clear your debts in the given time, this factor also becomes important.

The main attraction of a balance transfer card remain true nonetheless: you can still consolidate your credit card debts on to one card, where you don't have to worry about extortionate interest payments adding to your debt woes.

Brad King, managing director at Compareandsave.com, said: 'Christmas is not a time renowned for sensible financial planning and as a result many consumers start 2009 with a nasty and often unexpected debt hangover. In an attempt to take charge and manage their finances many look for a Balance Transfer credit card. Given that this year is likely to be financially tighter than most, finding the right card has never been so important.'

CHOOSING A CREDIT CARD

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All of these have high transfer fees however (Virgin, 2.98%; Nationwide, 3%; MBNA, 2.9%; and Barclaycard Classic at 2.9%, OnePulse at 2.5%) as well as high standard purchase rates (Virgin, 15.6%; Nationwide, 15.9%; MBNA, 15.9%; Barclaycard Classic at 19.9%, although OnePulse is slightly better at 14.9%).

There are other good deals for those seeking a balance transfer without a fee or a reduced fee. For example, Ulster Bank has a nine-month 0% deal with a 1.7% fee (19.9% APR); even better, its Gold card has a 0% deal for six months without a fee (17.9% APR). Finally, the Barclaycard Platinum card has a 0% deal for nine months with a 1.7% fee (14.9%).

OR ALTERNATIVELY...

Cards offering a good 0% purchase period may be a good idea for those borrowers who do not have enough cash to tide them over to their January payday, but have a good enough credit reference to take out a new card.

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